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6644 Carnelian St.
CaliforniaInvestment salesNews

Progressive Real Estate Partners Arranges $3.3 Million Sale of US Bank-Leased Property in Southern California

by Julia Sanders

Rancho Cucamonga, Calif. — Progressive Real Estate Partners has arranged the sale of a single-tenant retail property located at 6644 Carnelian St. in Rancho Cucamonga. A Santa Barbara County, California-based private investor sold the property to a San Bernardino County, California-based private investor for $3.3 million. Greg Bedell of Progressive Real Estate Partners represented both parties in the transaction. Originally built as Pomona First Federal Bank in 1979, the 4,278-square-foot location was acquired by US Bank in 2008 and has operated continuously as a bank for the past 42 years.

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Sit n Sleep
CaliforniaInvestment salesNews

Hanley Investment Group Arranges $3.3 Million Sale of Sit ‘n Sleep Property in Fontana, California

by Julia Sanders

Fontana, Calif. — Hanley Investment Group Real Estate Advisors has arranged the $3.3 million sale of a single-tenant retail building occupied by Sit ‘n Sleep in Fontana. Kevin Fryman, Bill Asher and Jeff Lefko of Hanley Investment Group represented the seller, Adler Realty Investments, in the transaction. The buyer, a private 1031 exchange investor based in the Inland Empire, purchased the property. The 8,400-square-foot Sit ‘n Sleep store is situated within Highland Village Shopping Center. The center is home to tenants including Sprouts Farmers Market, Jack in the Box, Raising …

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CaliforniaInvestment salesNews

Eastern Real Estate, Atlas Capital Group Acquire 466,000-Square-Foot Eagle Rock Plaza in Los Angeles

by Julia Sanders

Los Angeles, Calif. — Eastern Real Estate and Atlas Capital Group have acquired Eagle Rock Plaza, a 466,000-square-foot regional shopping center located in the Eagle Rock neighborhood of Los Angeles, for an undisclosed price. The center is anchored by Target, Macy’s, Seafood City and Fitness 19. Bill Bauman and Kyle Miller of Newmark represented the undisclosed seller in the transaction.

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Rancho Car Wash
CaliforniaInvestment salesNews

Progressive Real Estate Negotiates $6 Million Sale of Rancho Car Wash Property in Temecula, California

by Julia Sanders

Temecula, Calif. — Progressive Real Estate Partners has arranged the sale of a Rancho Car Wash-occupied retail asset located at 27378 Jefferson Ave. in Temecula. The property traded hands for $6 million. Victor Buendia of Progressive Real Estate Partners represented the buyer and seller, both of which are Los Angeles County-based private investors, in the transaction. Established in 1988, Rancho Car Wash offers full-service hand car washes, auto detailing services and an oil and lube center. The transaction included both the business and real estate and the buyer plans to …

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Grossmont
ArizonaCaliforniaInvestment salesNewsVirginia

Federal Realty Investment Trust Acquires Four Shopping Centers Totaling 1.8 Million Square Feet

by Julia Sanders

North Bethesda, Md. — Federal Realty Investment Trust has acquired four retail properties in California, Virginia and Arizona totaling 1.75 million square feet. Acquisitions include Grossmont Shopping Center, located 10 miles outside San Diego in La Mesa, California; Camelback Colonnade and Hilton Village, both located in the Phoenix metropolitan area; and Chesterbrook Shopping Center, located 10 miles outside Washington, D.C., in McLean, Virginia. Federal Realty will own 80 percent interest in the four properties, which occupy 125 acres of land valued at $407 million. The 925,000-square-foot Grossmont Shopping Center was …

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CaliforniaLeasingNews

TRADE Marketplace in Irvine, California Opens Three New Eateries

by Julia Sanders

Irvine, Calif. — TRADE Marketplace in Irvine has added three restaurants to its tenant mix including Champion’s Curry, SmörBurgers and Yomie Yogurt. Champion’s Curry opened earlier this year. The restaurant serves Chef Yoshikazu Tanaka’s spin on traditional curry recipes and related dishes. SmörBurgers — a restaurant concept by Chef Joe Youkhan serving hamburgers and fries inspired by international dishes — is set to open in June. Yomie Yogurt, which sells healthy yogurt, is also set to open this summer.

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CaliforniaFinanceNews

PSRS Arranges $40 Million Refinancing for La Alameda Shopping Center in Los Angeles

by Julia Sanders

Los Angeles — PSRS has arranged a $40 million refinancing for La Alameda Shopping Center, a 244,554-square-foot retail plaza located in Los Angeles. Kostas Kavayiotidis, Mike David and Jacob Lee secured the financing for the undisclosed borrower. The non-recourse loan features 10 years of interest-only payments. Built in 2008, La Alameda Shopping Center consists of six one- and two-story building clusters offering a total of 226,826 square feet of retail space and 17,728 square feet of office space on 18.3 acres. The multi-tenant property also features pedestrian-friendly courtyards, plaza spaces, …

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PSG
CaliforniaCompany newsLeasingNews

Fanatics, Paris Saint-Germain Open First Standalone European Soccer Club Retail Location in Los Angeles

by Julia Sanders

Los Angeles — Soccer team Paris Saint-Germain (PSG) has opened a permanent retail store within Westfield Century City Mall in Los Angeles in partnership with apparel retailer Fanatics. The sports club is expanding its global retail presence with plans to open several new stores in key international markets, beginning with the Los Angeles location. The store openings form part of a 10-year retail and merchandising deal signed between PSG and Fanatics in 2020. Fanatics, which is part owner of Lids, will tap into Lids’ physical retail experience to open and …

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CaliforniaCompany newsNews

Gap’s First Quarter Sales Increase 28 Percent, Net Sales Hit $4 Billion

by Julia Sanders

San Francisco — Gap Inc. (NYSE: GPS), the parent company of Old Navy, Gap, Banana Republic and Athleta, released its first-quarter 2021 fiscal report showing net sales reached $4 billion, up 8 percent from 2019. Additionally, comparable sales were up 28 percent year-over-year and rose 13 percent since pre-pandemic 2019. The company showed strong increases in net sales at Old Navy and Athleta — 27 percent and 56 percent increase over 2019, respectively. There were declines in net sales at Gap Global (16 percent) and Banana Republic Global (29 percent). …

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Kings Canyon Pavilion
CaliforniaInvestment salesNews

Wood Investments Cos. Acquires 99 Cents Only-Anchored Shopping Center in Fresno for $11.8 Million

by Julia Sanders

Fresno, Calif. — Wood Investment Cos. Inc. has acquired Kings Canyon Pavilion shopping center, a 152,354-square-foot retail center anchored by 99 Cents Only in Fresno, for $11.8 million. Built in 2007, the 91 percent-occupied property is situated at 4965 East Kings Canyon Road. By the close of escrow, Wood Investments had secured leases with Raising Cane’s Chicken Fingers and Dutch Bros. to occupy two new single-tenant pad buildings. Both tenants are expected to open in mid-2022. Current tenants at the property include O’Reilly Auto Parts, Cricket Wireless Authorized Retailer, Corina’s …

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